UAE bank lending grows 3.7pc

Dubai, October 3, 2012

Bank lending growth in the UAE edged up to 3.7 percent year-on-year in July, the highest rate this year, from 3.2 percent in June, data showed.

Money supply (M3) in the country, meanwhile, fell 2.0 percent year-on-year at the end of July, its fourth decline in a row, after a 3.2 percent drop in the previous month, central bank data showed. - Reuters